Newton View changes hands for S$147.6m
Mar 17, 2011 - PropertyGuru.com.sg
Newton View, a 37,577 sq ft freehold site, has been sold to Novelty Group for S$147.6 million through an en bloc sale.
This works out to around S$1,403 psf of potential gross floor area (GFA). Savills Singapore, which brokered the deal, said no development charge (DC) is payable based on the 2.8 gross plot ratio allocated for the property under the Master Plan 2008.
“We received interest from several local and foreign developers,” said Steven Ming, Executive Director of Savills.
Meanwhile, Coronation Grove at Coronation Road has also been launched for en bloc sale, through unanimous consent by its owners.
The 999-year leasehold property currently comprises 24 walk-up apartments. It is zoned for three-storey semi-detached houses and has a total land area of 62,011 sq ft.
“Under this zoning, the developer of the site could choose to build a combination of conventional semi-detached and detached houses, as well as strata semi-detached houses and strata bungalows, subject to approval from the relevant authorities and payment of DC if applicable,” said Yong Choon Fah, Executive Director of Credo, which is the marketing agent for the property.
The buyer has the option of redeveloping the property to accommodate up to 11 conventional bungalows or 28 strata semi-detached houses, she said, adding that another option for the developer is to develop a mix of 14 strata semi-detached houses and 10 conventional semi-detached houses.
Credo is also marketing another property, Braddell Park, located at Jalan Lateh, off Braddell Road and Upper Serangoon Road.
Owners are expecting to offer the property for S$90 million to S$100 million, which reflects a psf ppr price of between S$675 and S$748, inclusive of S$2.55 million payable to the state for the adjoining plot.
“DC is not payable for the redevelopment of the site up to a plot ratio of 1.4. The optional 10 percent balcony gross floor area may also be partially or completely free of DC,” said Tan Hong Boon, Deputy Managing Director of Credo.
The tender for Braddell Park and Coronation Grove will close on 14 and 18 April respectively.
Monday, March 21, 2011
Home buyers to receive early price list
Home buyers to receive early price list
Mar 17, 2011 - PropertyGuru.com.sg
The Urban Redevelopment Authority (URA) will be enhancing the Housing Developers Rules (HDR) and the Housing Developers (Control & Licensing) Act (HDCLA) to give more home buyers better access to timely information about the market and units which they are planning to purchase, said Minister for National Development Mah Bow Tan.
This means that if the new rules pass, developers must release home prices at least two days before launching the projects.
In connection with this, the URA is seeking public feedback on key proposed changes, which also include stricter requirements for project plans and showflats. The URA is putting the proposals up for public consultation and changes could kick in by the third quarter, affecting developers of private residential projects, executive condominiums (ECs) and design, build and sell scheme (DBSS) sites.
The key proposed changes which the URA is seeking public feedback on include the setting up of accurate showflats that depict the actual units, making available the price list, providing more mandatory information on housing projects, providing developers’ track record, publishing transacted prices, obtaining buyers’ consent for changes to the project and extending advertising controls on websites.
Meanwhile, the URA has stated that a project is considered once the developers grant options-to-purchase (OTPs), regardless of whether sales occur during an official launch or a VIP preview.
A URA spokesman said that developers may adjust prices after units have been launched for sale. However, some industry watchers feel that this rule could have a negative impact on developers, as they already have flexibility in pricing units.
Mar 17, 2011 - PropertyGuru.com.sg
The Urban Redevelopment Authority (URA) will be enhancing the Housing Developers Rules (HDR) and the Housing Developers (Control & Licensing) Act (HDCLA) to give more home buyers better access to timely information about the market and units which they are planning to purchase, said Minister for National Development Mah Bow Tan.
This means that if the new rules pass, developers must release home prices at least two days before launching the projects.
In connection with this, the URA is seeking public feedback on key proposed changes, which also include stricter requirements for project plans and showflats. The URA is putting the proposals up for public consultation and changes could kick in by the third quarter, affecting developers of private residential projects, executive condominiums (ECs) and design, build and sell scheme (DBSS) sites.
The key proposed changes which the URA is seeking public feedback on include the setting up of accurate showflats that depict the actual units, making available the price list, providing more mandatory information on housing projects, providing developers’ track record, publishing transacted prices, obtaining buyers’ consent for changes to the project and extending advertising controls on websites.
Meanwhile, the URA has stated that a project is considered once the developers grant options-to-purchase (OTPs), regardless of whether sales occur during an official launch or a VIP preview.
A URA spokesman said that developers may adjust prices after units have been launched for sale. However, some industry watchers feel that this rule could have a negative impact on developers, as they already have flexibility in pricing units.
Strong Sing dollar boosts foreign property investment
Strong Sing dollar boosts foreign property investment
Mar 18, 2011 - PropertyGuru.com.sg
Wealthy Singaporeans are always on the lookout for ways to expand their real estate investment portfolios in the West, taking advantage of the strong Singapore dollar, according to the TODAY newspaper.
The Singapore dollar has significantly increased since Lehman Brothers’ bankruptcy in September 2008 — 11 percent versus the US dollar, 25 percent against the British pound and 14 percent versus the Euro.
Many foreign real estate markets in cities such as New York have experienced a decline in prices, making them attractive compared to Singapore, where prices have increased sharply in the past two years.
Another famous investment spot is London. “London is still deemed as an aspirational city by the world’s wealthiest, richest families and as an investment target or city, it is really quite attractive because of its stability,” said Ms. Phang Lah Hwa, Head of Consumer Secured Lending at OCBC Bank.
In August 2010, OCBC responded to requests from its wealthy customers to take out either Singapore-dollar or pound-denominated loans on London real estate.
The bank plans to provide similar schemes for real estate markets in Australia and the United States in the near future.
Mar 18, 2011 - PropertyGuru.com.sg
Wealthy Singaporeans are always on the lookout for ways to expand their real estate investment portfolios in the West, taking advantage of the strong Singapore dollar, according to the TODAY newspaper.
The Singapore dollar has significantly increased since Lehman Brothers’ bankruptcy in September 2008 — 11 percent versus the US dollar, 25 percent against the British pound and 14 percent versus the Euro.
Many foreign real estate markets in cities such as New York have experienced a decline in prices, making them attractive compared to Singapore, where prices have increased sharply in the past two years.
Another famous investment spot is London. “London is still deemed as an aspirational city by the world’s wealthiest, richest families and as an investment target or city, it is really quite attractive because of its stability,” said Ms. Phang Lah Hwa, Head of Consumer Secured Lending at OCBC Bank.
In August 2010, OCBC responded to requests from its wealthy customers to take out either Singapore-dollar or pound-denominated loans on London real estate.
The bank plans to provide similar schemes for real estate markets in Australia and the United States in the near future.
Developers gradually raising property prices
Developers gradually raising property pricesMar 18, 2011
New launches in Singapore have hit a decent take-up rate and developers are taking the opportunity to raise prices, albeit at a slower pace.
DBS said that recent news about the property measures suggest that home buyers remain optimistic.
CDL sold 150 of the 200 units released at the 521-unit H20 Residences over the weekend.
Similarly, Far East Organization sold another 17 units at the 561-unit Waterfront Isle during the first week of March, resulting in total sales of 370 units.
CDL and Far East Organization have increased their prices by approximately one percent.
New launches in Singapore have hit a decent take-up rate and developers are taking the opportunity to raise prices, albeit at a slower pace.
DBS said that recent news about the property measures suggest that home buyers remain optimistic.
CDL sold 150 of the 200 units released at the 521-unit H20 Residences over the weekend.
Similarly, Far East Organization sold another 17 units at the 561-unit Waterfront Isle during the first week of March, resulting in total sales of 370 units.
CDL and Far East Organization have increased their prices by approximately one percent.
Wednesday, March 16, 2011
Woman donates S$1m to Japan quake victims
Woman donates S$1m to Japan quake victims
By Sara Grosse | Posted: 16 March 2011 1620 hrs
Japanese survivors stand on the remains of a dead relative's home after the house was washed away by the tsunami in Ofunato, Japan
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SINGAPORE : A 24-year-old Singaporean woman has donated S$1 million to the victims of the earthquake in Japan.
The Japanese Embassy in Singapore said this is the largest donation it has received so far.
The S$1 million cheque was presented to the Japanese Ambassador at the Embassy.
Accompanying Elaine Low was her father, who heads the company she works for - PT Bayan Resources.
The company has long business ties with Japan and imports heavy equipment from the country.
The Bayan Group owns and operates one of the largest coal terminals in Indonesia.
The Low family also has friends and relatives who visit Japan often.
Ms Low said she and her family felt the earthquake in Japan was unfortunate and wanted to donate as soon as possible.
Ms Low, who is head of business development at PT Bayan Resources, said: "We wanted to make a donation during the weekend, but during that time, the Japanese Association was not in touch with the Red Cross Society yet. So we made a phone call to them after that."
The family has previously donated to crises in China and Indonesia, but said this is their largest donation yet.
Yoichi Suzuki, Ambassador of Japan, said: "We have been receiving so many expressions of support from all over Singapore - the people, the government, different organisations - but this is, as a single act of support, the strongest expression...of supporting our people.
"And we were very grateful. This would be a tremendous boost of morale for all the people back in Japan who are affected by this terrible disaster."
The Japanese Ambassador said the money will be channelled to the Red Cross Society in Japan.
It will either be used to support the rescue and recovery operations or be directed to victims themselves.
The Singapore Red Cross has also received other donations for the Japan disaster.
To date, it says it has received a total of S$235,000 for its first two days of collection.
Singaporeans may make a cash, cheque or SMS donation to the Singapore Red Cross for victims of this disaster.
For walk-in donations, the Singapore Red Cross is open from 9.30am to 9pm from Mondays to Fridays, and from 9.30am to 6pm on Saturdays, Sundays and public holidays.
For cheque donations, cheques should be made payable to the "Singapore Red Cross Society".
Donors may also donate via their mobile phones to 75772. For every SMS, S$50 will be donated to the "Japan Disaster" fund.
- CNA/wk/ms
SINGAPORE - A SINGAPOREAN woman has generously donated S$1 million to help the Japan quake victims.
Ever since the massive 8.9-magnitude earthquake shook northeast Japan last Friday, Singaporeans have been showing empathy and pouring in support for the battered nation through donation drives, practical help and so on.
Philanthropists are doing their part too, reported Lianhe Wanbao.
At a donation ceremony held yesterday afternoon at the Embassy of Japan in Singapore, Ms Elaine Low, 24, presented the cheque to Ambassador Yoichi Suzuki.
Ms Low is the daughter of Datuk Low Tuck Kwong, 63, who is the founder of Indonesia-based coal mining company Bayan Resources. Mr Low is the third richest man in Indonesia, according to Forbes magazine.
Mr Low said his company has business ties with Japan, and added that his family has friends and relatives in Japan. The family also has fond memories of Japan's Tohoku region, one of the regions worst hit by the earthquake and tsunami.
Click on thumbnail to view (Photos: ST)
The Straits Times reported that the $1 million donation came from Ms Low's own pocket. Ms Low, who is in charge of business development at her family's company, is leaving it to the Japanese to decide how to use her donation. The same report said that the donation would most likely go to the Japanese Red Cross.
The spokesman of the Japanese embassy told the Chinese evening daily that the embassy only received a call from the Japanese Association here yesterday evening, informing them of the donation. At short notice, they had to organise a ceremony to host Ms Low.
Ambassdor Suzuki said this is the largest donation received for the tsunami victims so far.
Contributions to date
So far, $235,000 has been raised by the Singapore Red Cross Society, excluding the $500,000 pledged by the Singapore Government, reported The Straits Times today.
World Vision Singapore and Mercy Relief have raised over $190,000 and $43,280 respectively.
The Islamic Religious Council of Singapore (Muis) will also be collecting donations from tomorrow onwards.
Thursday, January 20, 2011
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